Following months of intense work and dealing with the turmoil created by the COVID-19 pandemic, Alliance Magnesium marked a crucial milestone on June 29th, 2020 in Asbestos, Quebec, when its leaders officially broke ground on its long awaited, high value-added magnesium ingot production plant.
Alliance Magnesium has developed, and patented technology based on clean electrolysis to extract the magnesium contained in serpentine rock and produce recycled magnesium. The company will capitalize on growing demand for metallic magnesium and alloys, particularly in the aircraft and automotive industries that are facing the major challenge of reducing the weight of vehicles and equipment in order to lower greenhouse gas emissions.
The recent 145M$ financing arranged by Alternative Capital Group, a Montreal based private merchant bank benefits from the support of a wide range of public and private partners, including the Canadian and Quebec governments, Japan’s Marubeni Corporation, and Fondaction, a Quebec labour-sponsored fund.
With that financing, the plant’s capacity will reach 18,000 tons per year. It already has 15 employees and will create more than 100 well paying jobs in the region.
Part of the financing will be used to accelerate the development of Phase 2, which targets an annual production of 50,000 tons.
The ICA salutes the vision and determination of Alliance Magnesium’s founders and partners. Their progress confirms that, far from being a millstone, serpentine residue is better positioned than ever to open the way towards a greener, more profitable future.
International Chrysotile Association